🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Singapore banks tighten oversight on foreign clients post-money laundering scandal

EditorMalvika Gurung
Published 21/09/2023, 08:54
USD/SGD
-

In a bid to strengthen its financial integrity following a money laundering scandal, Singapore's banking sector has increased its oversight of clients of Chinese descent holding foreign citizenships. The scandal, which involved assets exceeding S$2.4 billion ($1.8 billion), significantly impacted the Asian financial hub last month.

As part of this intensified scrutiny, the focus has been particularly on clients who hold investment-linked passports from other countries. These individuals, primarily of Chinese origin, are undergoing extensive review for their new account openings and transactions, as per sources familiar with the matter.

An international bank, choosing to remain unnamed due to the sensitive nature of the information, has started closing accounts of clients holding citizenships from several countries, including Cambodia, Cyprus, Turkey, and Vanuatu. This move is seen as a proactive step towards averting potential financial misconduct in the future.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.